Brokerages Set Plug Power Inc. (NASDAQ:PLUG) Target Price at $2.31

Shares of Plug Power Inc. (NASDAQ:PLUG) have been given a consensus recommendation of “Hold” by the eighteen analysts that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $2.31.

Several equities research analysts have commented on PLUG shares. Susquehanna cut their price target on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday, March 5th. B. Riley dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Piper Sandler decreased their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research note on Wednesday, March 5th. Canaccord Genuity Group lowered their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Finally, BMO Capital Markets cut their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th.

Plug Power Price Performance

NASDAQ PLUG opened at $1.34 on Friday. The firm’s 50 day moving average is $1.74 and its 200-day moving average is $2.06. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.24 billion, a PE ratio of -0.63 and a beta of 1.98. Plug Power has a 12-month low of $1.33 and a 12-month high of $4.90.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. 111 Capital acquired a new position in shares of Plug Power in the fourth quarter valued at about $89,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Plug Power by 35.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 64,440 shares of the electronics maker’s stock worth $137,000 after purchasing an additional 16,878 shares in the last quarter. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Plug Power during the 4th quarter worth approximately $60,000. Toronto Dominion Bank bought a new position in shares of Plug Power during the fourth quarter worth approximately $270,000. Finally, Retirement Planning Group LLC NY acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.